Dollar hits all-time high at Rs165

Dollar hits all-time high at Rs165

KARACHI: The US dollar hits all time high against dollar in intraday trading on Thursday and reached at Rs165.

The Pak Rupee massively depreciated so far by Rs3.40 in intraday trading after significant outflows of hot money.

The rupee ended at Rs161.60 to the dollar a day earlier in interbank foreign exchange market.

The sources said that large amount had been taken out by foreign investors from funds invested in domestic debt market.

The State Bank of Pakistan (SBP) reduced another 150 basis points to bring the policy rate at 11 percent. The SBP a week ago reduced the policy rate by 75 basis to 12.5 percent from 13.25 percent.

The central bank cumulatively reduced the policy rate by 2.25 percent.

The sources said that the foreign investors were upset on sudden decision of policy rate change by the central bank and resorted to panic selling of treasury bills.